Changing Facebook Name to Meta After 20 Years of Startup
Focusing on New Growth Engines Through Large-Scale Investment
[Asia Economy New York=Correspondent Baek Jong-min] Facebook, the world's largest social networking service (SNS), announced a name change to ‘Meta’ and signaled its transformation into a metaverse (extended virtual world) company. Mark Zuckerberg, Facebook CEO, made the sudden announcement of the name change on the 28th (local time) through a founder's letter and the keynote speech at the ‘Facebook Connect’ event.
With Facebook securing 3.6 billion users worldwide, the declaration of its transition into a metaverse company is expected to further raise expectations for related markets and services.
On the day, CEO Zuckerberg explained the background of the name change, saying, "Facebook is one of the most used products in history and an iconic social media brand, but it does not encompass everything we do."
CEO Zuckerberg said, "We have evolved from desktop to web and phone, from text to photos and videos, but this is not the end." He emphasized, "I believe the metaverse will be the successor to mobile internet," and "Just as we pioneered social networking at first, the metaverse will be the next frontier."
Facebook is expected to change its status from a company owning WhatsApp and Instagram to a subsidiary SNS service operated by Meta. From December 1, Facebook will be traded under the changed name MVRS on the stock market.
The metaverse, meaning a three-dimensional virtual world, is a compound word combining ‘Universe,’ which means the real world, and the Greek word ‘Meta,’ meaning transcendence or beyond. It is a field expected to grow rapidly with the development of virtual reality. Facebook also unveiled a new logo symbolizing infinite connection and interaction on the day.
CEO Zuckerberg said, "It will be a long journey to build the fundamental platform for the metaverse," and "We expect to spend billions of dollars over the next several years." He added that this transformation attempt is a move made from a long-term perspective of 10 years. Facebook also forecasted that large-scale investments will be made in Facebook Reality Labs, and operating profit will decrease by $10 billion this year.
On the day, CEO Zuckerberg revealed a demo video showing activities such as playing games, holding meetings, and talking with people through his avatar in the metaverse. He said, "In the metaverse, you can do almost anything you can imagine," and "The metaverse will be a platform where you can feel presence."
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